H&M: October sales drop but Jimmy Choo range is a success
H&M sales were worse than expected in October, down 3% on a like-for-like basis.
The Swedish fashion giant said that sales in Scandinavia, Central Europe and Asia were satisfactory during October but that the performance in other markets including France, Spain and the US continued to be weaker.
Total sales across the group grew 7% in October compared to the same month the previous year.
The results came as H&M opened its doors to its latest designer collaboration, this time with Jimmy Choo which drew crowds across the country this weekend.
H&M said it was “delighted” with the launch of the much-hyped range.
There were long queues outside of the 19 stores in the UK and Ireland that carried the collection, which launched at 9am on Saturday morning.
Some queues started the night before the shops opened with one group of girls in Glasgow pitching a tent outside at 5.30pm the previous evening.
Many of the styles have already sold out including the gladiator heels, suede shoe boots and the zebra print bag and shoes.
H&M also said that the men’s collection, a first for Jimmy Choo, was well received with many of the shoes and bags now down to limited stock.